Progressive Q4 Profit Increases
Progressive Corp. (PGR) reported that its fourth-quarter net income increased to $1.68 billion or $2.85 per share from $1.07 billion or $1.81 per share in the prior-year quarter. On average, 18 analysts polled by Thomson Reuters expected the company to report profit per share of $1.66 for the quarter. Analysts’ estimates typically exclude special items.
Net premiums written for the quarter declined to $9.54 billion from $9.59 billion last year. Analysts expected revenue of $10.32 billion for the quarter. Net premiums earned were $10.21 billion up from $9.90 billion in the prior year.
For the month of December 2020, the company reported net income rose to $706.0 million or $1.20 per share, from $460.0million or $0.78 per share last year.
Net premiums written for the month decreased to $2.79 billion from $3.34 billion in the prior year. Net premiums earned were $3.16 billion, down from $3.54 billion in the previous year.
COVID-19 has exacerbated South Africa’s growth, fiscal vulnerabilities – IMF
JOHANNESBURG, Jan 27 (Reuters) – The coronavirus pandemic has worsened South Africa’s economic growth and fiscal vulnerabilities, the International Monetary Fund (IMF) said on Wednesday, adding that power cuts by state-owned utility Eskom will likely worsen the situation.
“Reining in large fiscal deficits and debt will require containing public wage bill and avoiding ill-targeted subsidies and transfers to inefficient state-owned enterprises,” the IMF said in a statement.
5 takeaways from the Avalanche’s 7-3 victory over San Jose – The Denver Post
Veritas To Combine Perspecta With Affiliate Peraton – Quick Facts
Perspecta Inc. (PRSP) has agreed to be acquired by Peraton, a portfolio company of private investment firm Veritas Capital, in an all-cash deal valued at $7.1 billion. Perspecta stockholders will receive $29.35 per share in cash. The transaction is anticipated to close in the first half of calendar 2021. Perspecta will be combined with Peraton to create a government technology provider that delivers end-to-end capabilities in IT and mission support.
Veritas is a Perspecta stockholder, holding approximately 14.5% of the company’s shares outstanding.
Bitcoin Tumbles Back Below $30,000 as Record Momentum Fades
Bitcoin dropped below $30,000 for the second time in the past week as the largest cryptocurrency struggles to regain momentum after reaching record highs earlier this month.
The digital asset fell as much as 7.9% to $29,499 Wednesday The last time it traded below $30,000 was Jan. 22. It set a record high of $41,981 on Jan. 8.
The token surged 300% in 2020 amid speculation that institutional investors were piling in with interest rates at rock-bottom lows. Companies such asMicroStrategy Inc.,Square Inc., and crypto minerMarathon Patent Group Inc. have all added some of their company’s cash reserves into Bitcoin amid the rally.
LoanDepot, Holders Seek as Much as $315 Million in U.S. IPO
Mortgage lenderLoanDepot Inc. and its shareholders are seeking as much as $315 million in a U.S. initial public offering.
The Foothill Ranch, California-based company plans to offer 9.4 million shares in the offering, while its existing backers will sell 5.6 million shares, according to a filing with the U.S. Securities and Exchange Commission on Wednesday. The shares are offered at $19 to $21 apiece, the prospectus shows.
LoanDepot is joining a wave of mortgage lenders, who have benefitted from record-low interest rates, in tapping the IPO market.AmeriHome Inc. has refiled its listing documents after delaying the offering from last year, when Caliber Home Loans Inc. also postponed its offering.
Goldman Sachs Group Inc., Bank of America Corp.,Credit Suisse Group AG and Morgan Stanley are leading LoanDepot’s IPO. It plans to list on the New York Stock Exchange under the symbol LDI.
Stock Alert: United Microelectronics Corporation Drops 5% Despite Better-than-expected Results
Shares of semiconductor wafer foundry, United Microelectronics Corporation (UMC) are falling more than 5% Wednesday morning despite reporting better-than-expected fourth-quarter results.
Earnings in the fourth quarter were $0.162 per ADS compared with $0.058 in the same quarter a year ago. Analysts polled by Thomson Reuters expected earning of $0.06 per share.
Revenue in the quarter grew 8.2% year-over-year to $1.59 billion. The consensus estimate was for $1.57 billion.
UMC, currently at $9.41, has been trading in the range of $2.10- $10.61 in the last one year.
Stock Alert: B&G Foods Continues Its Uptick
Shares of B&G Foods, Inc. (BGS) are climbing more than 13% Wednesday morning at $42.34.
There have been no company-specific news to move the stock up.
B&G Foods makes a portfolio of shelf-stable and frozen foods, and household products under various brands including Ac’cent, B&G, B&M, Back to Nature and Davis, among many others.
The stock has gained more than 40% in the last couple of days.